The NZ Bookkeepers Association inaugural conference was held yesterday and it was excellent! It was sold out, so that bodes well for the next one.
We had many speakers, with representation from Xero, Moneyworks, Reckon and MYOB, so it was very interesting to hear positive comments from all providers. Viv Brownrigg was especially interesting, from The Accountants Republic.
All members of the association were positive about how things are going and everyone had a great time. There was a bit of a mix of long timers and new, and people using various accounting software.
Some terms I learned:
- Sponders – from Mel Morris and Andy Thorn of Rightway (Sponsers)
- Half Pregnant – from Greg Sheehan of Rightway
- ‘Keyboarders’ vs ‘Mousers’ from Susan Carlow Computer Coaching
For the awards, I was very pleased to be nominated for Individual Bookkeeper of the Year and I was told I was also nominated for Green Bookkeeper of the Year – as we use a lot of cloud software and are paperless for some clients, but I will confirm this.
In the eNewsletter from IRD today they say they are going to introduce reminder email alerts for GST – that is excellent!
Fee Funders offers our clients more options regarding payment
Katalyst has partnered with Fee Funders to help our clients have more options regarding payment. Fee Funders pay 100% of your invoice on your behalf straight away whilst you can spread payment over a 3, 6 or 9 month period via monthly Direct Debit. They offer a competitive interest rate that’s less than most credit cards etc and there are no penalties for early repayment (you only pay interest for the duration of the loan). You can use Fee Funders to fund any bill over $1000. It’s quick, easy and all done online in less than 5 minutes!
What is Fee Funders?
Fee Funders is in essence a Cashflow Provider. They are a specialist funding company that allows customers to spread payment of their invoice over 3, 6 or 9 months, whilst their invoice supplier gets paid in full upfront – thus everyones cash flow wins! You can check them out at www.feefunders.co.nz.
Use Fee Funders to pay your Xero and WorkflowMax setup or sort out bills
We want to give you the support you need, when you need it and we understand that the need often exists before the budget does – Fee Funders solves the problem. It’s quick and easy and all done online in less than 5 minutes. Simply mention Fee Funders to us if you’d like to use this payment method.
Key Benefits of Fee Funders Payment Solution:
- Quick and Easy and all done online
- Enjoy smaller, more budget friendly monthly repayments rather than a lump sum payment.
- Preserve cash and credit lines for other use.
- Funding fees are in most cases 100% tax deductible – we can sort that for you!
Katalyst are proud to co-present the Cloud Office Services Seminar
Being held in July, the speakers are as follows:
- Cloud Services – Brendon Ros – www.needanerd.co.nz
- Virtual PA – Charlie Perry – www.charliesangels.co.nz
- Websites and Xero Integrated Shopping Carts – www.websitebuilder.co.nz
- Book Keeping with Xero – Glennis Stuckey – www.katalyst.co.nz
- Accounting with Xero – Ric Thorpe – www.djca.co.nz
- Debt Collection – Josie Hart – www.waterstone.co.nz
- DIY HR – Lisa MacKay – www.hrtoolkit.co.nz
Goto https://katalyst.co.nz/cloud-office-services-seminar/ to book.
Look Through Company is the structure replacing the LAQC Company
I attended a WHK seminar last night about the coming changes to the LAQC structure. It is being replaced by an LTC – Look Through Company. These changes are still in draft format.
What a Look Through Company means for Directors
From what I understood, the main changes will be around attributing losses, it will be limited to the financial risk held by each shareholder. For example, if you got married, one person had $100k to invest, and the other didn’t, the losses would only be attributable to the shareholder who introduced the funds, with the losses being carried forward for the other shareholder. However, if the other shareholder had signed a personal guarantee with the bank, then they would have a financial risk, so could receive losses.
There are other limits and things to consider with this that I recommend you talk to your accountants about the structure that would best suit your company and shareholders. A decision will need to be made about the structure that will suit you.
Depending on the structure, you may need to revalue properties and you may also need to refinance, so if you are on fixed rates, you may need to pay break fees. There are some options here – Sole Trader, QC, regular Company, LTC, Limited Partnerships etc. They all have benefits and flaws.
So again, please contact your accountant, if you would like a referral to a suitable accountant, please call me.
Disclaimer: I am not a financial advisor, so please don’t assume what I have said is fact, it is based on my memory and my notes.
Glennis Stuckey 24/11/10
WHK is now Crowe Horwath. Follow the link for their contact details. Crowe Horwath offers services such as small business accounting, auditing, risk management, and business advice.
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